Brokerages predict that Covenant Transportation Group, Inc. (NASDAQ:CVTI) will post $170.75 million in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Covenant Transportation Group’s earnings. The lowest sales estimate is $167.30 million and the highest is $174.20 million. Covenant Transportation Group reported sales of $164.50 million during the same quarter last year, which would suggest a positive year over year growth rate of 3.8%. The business is expected to issue its next earnings report on Wednesday, October 18th.
On average, analysts expect that Covenant Transportation Group will report full year sales of $170.75 million for the current year, with estimates ranging from $689.30 million to $704.80 million. For the next fiscal year, analysts anticipate that the company will post sales of $745.20 million per share, with estimates ranging from $741.80 million to $748.60 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Covenant Transportation Group.
Covenant Transportation Group (NASDAQ:CVTI) last posted its earnings results on Tuesday, July 25th. The transportation company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. Covenant Transportation Group had a return on equity of 4.65% and a net margin of 1.60%. The company had revenue of $164.30 million for the quarter, compared to the consensus estimate of $158.40 million. During the same quarter in the prior year, the company earned $0.20 earnings per share. Covenant Transportation Group’s revenue was up 3.5% on a year-over-year basis.
CVTI has been the topic of several research analyst reports. Zacks Investment Research upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Friday, September 15th. Cowen and Company downgraded Covenant Transportation Group from an “outperform” rating to a “market perform” rating in a research note on Monday. Stephens upgraded Covenant Transportation Group from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $20.00 to $25.00 in a research note on Monday, August 14th. Finally, BidaskClub upgraded Covenant Transportation Group from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 3rd. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Covenant Transportation Group has an average rating of “Hold” and an average target price of $25.25.
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Covenant Transportation Group (NASDAQ:CVTI) traded up 0.38% on Thursday, reaching $26.63. The company’s stock had a trading volume of 106,136 shares. The firm’s 50 day moving average price is $26.26 and its 200-day moving average price is $20.26. Covenant Transportation Group has a 1-year low of $14.66 and a 1-year high of $29.58. The company has a market capitalization of $486.98 million, a price-to-earnings ratio of 47.64 and a beta of 1.68.
In other news, VP Ralph H. Lovin, Jr. sold 8,922 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $25.48, for a total value of $227,332.56. Following the completion of the sale, the vice president now directly owns 46,371 shares in the company, valued at $1,181,533.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Ralph H. Lovin, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 11th. The shares were sold at an average price of $28.43, for a total value of $113,720.00. The disclosure for this sale can be found here. Insiders sold 17,922 shares of company stock valued at $466,203 over the last 90 days. Company insiders own 35.20% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Livingston Group Asset Management CO operating as Southport Capital Management grew its position in shares of Covenant Transportation Group by 0.3% in the second quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 97,029 shares of the transportation company’s stock valued at $1,701,000 after purchasing an additional 303 shares in the last quarter. TIAA CREF Investment Management LLC grew its position in Covenant Transportation Group by 1.0% in the second quarter. TIAA CREF Investment Management LLC now owns 32,530 shares of the transportation company’s stock worth $570,000 after acquiring an additional 312 shares during the period. American International Group Inc. grew its position in Covenant Transportation Group by 7.2% in the first quarter. American International Group Inc. now owns 7,309 shares of the transportation company’s stock worth $137,000 after acquiring an additional 489 shares during the period. Horrell Capital Management Inc. grew its position in Covenant Transportation Group by 2.5% in the second quarter. Horrell Capital Management Inc. now owns 27,941 shares of the transportation company’s stock worth $490,000 after acquiring an additional 681 shares during the period. Finally, Rhumbline Advisers grew its position in Covenant Transportation Group by 5.9% in the second quarter. Rhumbline Advisers now owns 13,745 shares of the transportation company’s stock worth $241,000 after acquiring an additional 760 shares during the period. Institutional investors and hedge funds own 62.10% of the company’s stock.
About Covenant Transportation Group
Covenant Transportation Group, Inc is a provider of expedited long haul freight transportation, primarily using two-person driver teams in transcontinental lanes. The Company’s services also include refrigerated, dedicated, cross-border, regional and brokerage. The Company’s segments include Truckload and Other.
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